Homeownership, the Key to Happiness?

Posted on July 17, 2013

If trying to buy an apartment in New York City has been making you miserable, consider this: actually getting that home may not make you happy.

A growing body of research suggests that spending money on real estate doesn’t necessarily mean investing in contentment. Indeed, the conventional advice to cut back on vacations, restaurant meals and other extras in order to save money for a home may actually be detrimental to felicity. Experts in happiness — an increasingly popular field focused on the scientific understanding of emotional well-being — say that people are happier when they spend money on experiences instead of material goods, whether it be a new car or a bigger apartment.

A growing body of research suggests that spending money on real estate doesn’t necessarily mean investing in contentment. Indeed, the conventional advice to cut back on vacations, restaurant meals and other extras in order to save money for a home may actually be detrimental to felicity. Experts in happiness — an increasingly popular field focused on the scientific understanding of emotional well-being — say that people are happier when they spend money on experiences instead of material goods, whether it be a new car or a bigger apartment.

Between 1991 and 2007, researchers tracked 3,658 people in Germany who moved to a new home because there was something they didn’t like about the old one. Although the participants reported a significant boost in satisfaction with their home for the first five years, they didn’t feel any better about their lives overall after they moved, according to the study, which was published in 2010.

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Category(s):Happiness

Source material from New York Times


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